Tips on how to use data to increase sales

09/08/20216 Minutes

Business data often hides valuable insights that can become a powerful tool for company development, if used correctly. Analyzing sales data, especially, is crucial for companies who want to come up with new strategies and meet customer needs, maximize their sales capacity and stay ahead of their competitors.

Unfortunately, a lot of companies are not using data to its full potential and this means they are missing some great business opportunities. Very often, this happens because of common mistakes, such as having too much unfiltered information, looking into incorrect data, or relying on inaccurate data. The complexity of the data can indeed be intimidating, but if you use the right tools, rest assured you will be able to transform raw information into actionable insights for your business and this will result in more sales.

Proper data analytics can be a game-changer for your organization. However, in order to see the biggest impact on your sales and overall profitability, you should follow the right approach and adjust the process to your particular strategies. Here are some tips to help you make the best out of your data:

Centralize information

Whether the information is coming from your CRM tool, sales forecasting, or direct customer interactions, make sure the data is put together in a centralized form, or you will end up comparing apples to oranges and drawing the wrong conclusions. A real issue for most companies is having a great load of information coming from multiple sources, which makes it harder to standardize data. This can result in a fractured, incomplete view of the situation, and it can lead to longer sales cycles, diminished ROI and missed opportunities.
To prevent this, make sure you are using a solution that can import data from multiple sources and then follow the same KPIs. A single view will help you figure out what is missing and adjust your sales strategies accordingly, with little to no budget efforts.

Identify the data you are missing

To have a clear overview of your sales data, you need to find the gaps and eliminate the irregularities. One of the most common mistakes companies make is failing to identify the missing information, in order to get it and complete the big picture. If you find yourself in this situation, you might be missing important opportunities because of your inability to leverage all the relevant information.
The gaps in your data can translate into poor business decisions, which is why you should pay close attention to your options when it comes to data integration. You may have to train your sales people so that they can put together information in a compelling way, but in the end, this will only increase sales efficiency and revenue.

Use data to adjust your message

Most analytics tools provide detailed information about your customers and audience in general, with age, sex, or geographical location being some of the most important ones. These are just some of the demographic data that will help you build a better message for ads and sales.
Take advantage of particular demographics to refine your messaging and address the specific needs of your target public, using a language you are guaranteed they will understand. Knowing how to speak to each audience will allow you to respond immediately to market trends and customer demand, and, of course, increase sales.

Pay attention to timing

Talking to customers and prospects using the right message is very important, but so is knowing when to approach them and come up with a proposal.
Make sure you analyze information related to old transactions, buying habits, previous leads and other historical data so that you can make accurate forecasts, identify sales patterns and influence clients’ buying decisions. Your sales efforts will be more fruitful if you manage to put your products on display exactly when your clients are ready to make a purchase, through promotional programs and custom offers.
Remember that closing a sale is all about timing, so use your data to refine your sales approach and pick the right moment during your interaction with customers.

Choose the right visualization option

To make the best out of your data, you need to visualize it correctly. Raw data may be confusing and tricky, but if you choose the most suitable dashboards and visual representations, your data will fuel the best business decisions. Centralized dashboards represent a holistic approach that will allow you to analyze the right KPIs, comprehend all relevant details and see things more clearly. Moreover, they represent the ideal way to scale information up or down and present it to top management or people in your team.
This means that everybody in the company will have access to the same data and be able to make informed, strategic decisions that benefit sales, which is pivotal to business success.